Overall, the residential property market remained buoyant and active during 2022. Demand continued to outstrip supply but some headway was made on this challenge. 2022 was a year of two halves. During the first two quarters, there was a chronic shortage in the availability of homes for sale. Prices increased substantially with very quick sale agreed times. Property price inflation in the first 6 months was running at c.10%. Our own experience in Quillsen saw exceptionally fast times from listing to sale agreed, averaging at under 4 weeks.
There is still a pent up demand for well located properties. From what we can see, the early signs for 2023 are very positive with high levels of viewing enquiries and offers. However, potential purchasers are becoming more price sensitive and have an increasing choice of property as the flow to market recovers. We are strongly recommending both parties are “market-ready” in terms of finances and legal requirements as these can slow down any transaction.
We expect stability to continue to return to the market over the course of the year. This should result in a more equitable playing field for both buyers and vendors. The supply and demand issues, although improving will continue for the foreseeable future. More properties are now coming to the market which will improve supply but it takes time for the impact of any recovery to be felt.